POONAM GUPTA Office of the Chief Economist Development Economics World Bank (1818 H st.Washington DC) [email protected]; (+1) 202 473 5518 REPEC Profile Vox Columns; Blogs Link

PROFESSIONAL EXPERIENCE Senior Economist, Chief Economist Office, World Bank, Washington DC, July 2013 onwards.

Reserve Bank of Chair Professor, National Institute of Public Finance and Policy, Delhi, 2011-2013.

Professor, Indian Council for Research on International Economics Relations, Delhi, 2009-2011.

Associate Professor, Department of Economics, Delhi School of Economics, Delhi, 2006-2008.

Economist, International Monetary Fund, European Department, Research Department, Asia and Pacific Department, Washington DC, 2000-2006.

Economist Program (EP), International Monetary Fund, Asia and Pacific Department, , Research Department, Washington DC, 1998-2000.

Visiting Positions, and Internships: IMF Institute, 2010; Resident Representative Office, IMF, New Delhi, 2009; Asia and Pacific Department, IMF, 2007; Monetary and Exchange Affairs Department, IMF, 1996; Asian Development Bank, 2008; Indian Statistical Institute, 2003; World Bank 1994, 2008, 2010.

Graduate Teaching Assistant: for Guillermo Calvo, (Chair), and Carmen Reinhart, University of Maryland, 1996-1998.

Adjunct Lecturer, University of Maryland, 1995-1996. Lecturer, , Hindu College, Hansraj College, Delhi, 1991-1993.

EDUCATION Ph.D. Economics, University of Maryland, College Park, 1998 Dissertation Committee: Guillermo Calvo, Allan Drazen, Arvind Panagariya, and Carmen Reinhart Specialization: Macroeconomics, International Finance, and International Trade M.A. Economics, University of Maryland, College Park, 1995 (highest GPA in the class: 3.93/4) M.A. Economics, Delhi School of Economics, 1991 (first division, among top five students in the University) B.A. Economics, Hindu College, Delhi University, 1989 (first division, among top five students in the University)

BOOK Emerging Giants: China and India in the World Economy, 2010, Oxford University Press (coedited with Barry Eichengreen and Rajiv Kumar). 1

POLICY BRIEFS

1. India Development Update, towards a higher growth path, April 2015, for Macro and Fiscal Management Global Practice, World Bank. 2. The Short term Impact of Brexit on Africa, September 2016, Africa’s Pulse, World Bank. 3. From Tapering to Tightening—the Impact of the US Lift-off on EAP Countries, August 2015, World Bank. 4. How can India Leverage Its Domestic Savings and Foreign Savings to Support Higher Growth?, 2015. 5. Tapering Talk: The Impact on African Economies, March, 2014, Africa’s Pulse, World Bank. 6. Generating Larger Tax Revenues in South Asia, 2014, World Bank. 7. Is India Heading Toward a Financial Crisis?, 2013, World Bank (for regional Vice President, South Asia). 8. Labor Regulations: Impediment to Growth and Size of Indian firms in Manufacturing, 2013, (with Rana Hasan), Economic Survey, Ministry of Finance, Government of India. 9. Financial Sector Reforms under G20 and the Indian Banks, 2011, prepared for the Government of India and ICRIER, Cambridge University Press 10. Reforms of the State Owned Enterprises in China and Lessons for India, 2010, prepared for the Government of India, ICRIER 11. States’ finances in India, 2001, (with Patricia Reynolds), IMF selected issues paper. 12. Macroeconomic Determinants of Remittances to India, 2004, IMF, selected issues paper. 13. Determinants of NRI deposits in India, 2003, IMF, selected issues paper. 14. Understanding the Growth Momentum in Indian Services, 2005, IMF, selected issues paper.

WORKING PAPERS AND PUBLICATIONS • Are capital flows fickle? Increasingly ? and does the answer still depend on type?, 2017, (with Barry Eichengreen and Oliver Masetti), World Bank Policy Research Paper # 7972. • Managing Sudden Stops of Capital Flows, 2016, (with Barry Eichengreen), World Bank Policy Research Paper # 7639. • Monetary Policy in an Interdependent World-The Indian Experience, 2016, in Monetary Policy in India: A Modern Macroeconomic Perspective. (Edited by Chetan Ghate and Ken Kletzer). • Tapering Talk: The impact of expectations of reduced Federal Reserve security purchases on emerging markets, 2015, (with Barry Eichengreen), Emerging Markets Review. • What Makes a Currency Procyclical? 2015, (with Tito Cordella), Journal of International Money

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and Finance. • The Exchange Rate and Exports Growth: Are Services Different?, 2015, revised and resubmitted. • From Tapering to Tightening: The Impact of the Fed’s exit on India, 2015, India Policy Forum, The Brookings Institution. • Bank Ownership and the Effects of Financial Liberalization: Evidence from India, 2014, (with Kalpana Kochhar, Sanjaya Panth), Indian Growth and Development Review. • Effect of the Global Financial Crisis on Indian Banks: Survival of the Fittest?, 2013, (with Barry Eichengreen), Journal of International Money and Finance. • Exports of Services: Indian Experience in Perspective, 2013, (with Barry Eichengreen), Indian Growth and Development Review. • The Two Waves of Services Sector Growth, 2013, (with Barry Eichengreen), NBER Working Paper 14968, Oxford Economic Papers. • Growth and Election Outcomes in a Developing Country, 2012, (with Arvind Panagariya), Economics and Politics. • Trends and Correlates of Remittances to India, 2012, (with Karan Singh, ICRIER), in Migration and Remittances during the Global Financial Crisis and Beyond (edited by J. Cohen, Dilip Ratha and I. Sirkeci). • Book Review: The Service Sector in India’s Development, 2012, Indian Economic Review, vol. 47(2), pages 315-318

• Dutta, Bhaskar & Gupta, Poonam, 2012. "How Indian Voters Respond to Candidates with Criminal Charges: Evidence from the 2009 Lok Sabha Elections," Economic and Political Weekly of India.

• Services Exports: Are the Drivers Different for Developing Countries?, 2011, (with Arti Goswami, Aaditya Mattoo, Sebastin Sáez), in Exporting Services, a Developing Country Perspective, World Bank. • Economic Reforms and Economic Outcomes, 2011, (with Arvind Panagariya), India: Trade, Poverty, Inequality, and Democracy, edited by Jagdish Bhagwati and Arvind Panagariya, Oxford University Press. • The Service Sector: India’s Road to Economic Growth?, 2011, (with Barry Eichengreen), NBER Working Paper 16757, India Policy Forum, Brookings. • A Cross-country Analysis of Services Exports: Lessons from India, 2011, (with Arti Grover and Aaditya Mattoo) in Exporting Services, a Developing Country Perspective, World Bank. • Explaining the Growth of Manufacturing in India: Role of Labor Regulations and Infrastructure, 2011, (with Utsav Kumar), Handbook on Indian Economy, Oxford University Press.

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• Big Reforms but Small Payoffs: Explaining the Weak Record of Growth and Employment in Indian Manufacturing, 2009, (with Rana Hasan, and Utsav Kumar), India Policy Forum, Global Economy and Development Program, The Brookings Institution. • What Constrains Indian Manufacturing?, 2009, (with Rana Hasan, and Utsav Kumar), in Emerging Giants: China and India in the World Economy, edited by Barry Eichengreen, Poonam Gupta and Rajiv Kumar, Oxford University Press. • Foreign Banks in Poor Countries: Theory and Evidence, 2008, (with Enrica Detragiache and Thierry Tressel), Journal of Finance. • Behavior of Output during Currency Crises, 2007, (with Deepak Mishra, World Bank and Ratna Sahay), Journal of International Economics. • Sudden Stops and IMF-Supported Programs, 2006, (with Barry Eichengreen and Ashoka Mody), NBER Working paper, 12235, NBER Chapters, in: Financial Markets Volatility and Performance in Emerging Markets. • Foreign Banks in Emerging Market Crises: Evidence from Malaysia, 2006, (with Enrica Detragiache), Journal of Financial Stability. • Will Factor Flows and Trade be Complements or Substitutes as Europe Enlarges?, 2006, (with Ashoka Mody).

• Inside the Crisis: An Empirical Analysis of Banking Systems in Distress, 2006, (with Enrica Detragiache and Asli Demirguc-Kunt), Journal of International Money and Finance. • Injury Investigations in anti-Dumping and the Super Additivity Effect: a Theoretical Explanation, 2006, IMF working paper, Review of world Economics, with Arvind Panagariya.

• Aftermath of Banking Crises: Effects on Real and Monetary Variables, 2005, Journal of International Money and Finance. • Finance in Lower Income Countries: An Empirical Exploration, 2005, (with Enrica Detragiache, and Thierry Tressel), IMF Working Paper, WP/05/167. • Macroeconomic Determinants of Remittances: Evidence from India, 2005, IMF Working Paper, Economic and Political Weekly. • NRI Deposits in India: Trends and Determinants, 2004, (with James Gordon) Economic and Political Weekly. • Services Revolution in India, 2004, (with James Gordon, IMF), in India’s and China’s Recent Experience with Reform and Growth, edited by W. Tseng, and D. Cowen (cited in Business Standard, Financial Express, Business Outlook, The Economist). • Does Monetary Policy Stabilize the Exchange Rate Following a Currency Crisis?, 2003, (with Ilan Goldfajn, now Governor of the Bank of Brazil), IMF Staff Papers, 50 (1): 90-114.

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• Portfolio Flows into India: Do Domestic Fundamentals Matter?, 2003, (with James Gordon) IMF Working Paper, WP/03/20. • Anti-dumping Duty v Price Negotiations, 1998, (with Arvind Panagariya), World Economy.

SELECTED PUBLICATIONS IN POPULAR PRESS, BLOGS

Are capital flows fickle? And does the answer still depend on type?, 2017, Blog, Let’s Talk Development On the Fickleness of Capital Flows, February, 2017, Vox Column. Managing Sudden Stops, 2016, Blog, Let’s Talk Development The Brexit Surprise and Emerging Markets, 2016, Vox Column. Managing Sudden Stops, Vox Column, 2016 Handling Volatile Capital Flows—the Indian Experience, 2016, Blog, Let’s Talk Development Remittances to India — Resilient to Domestic and External Shocks, 2015, Blog, People Move From tapering to tightening: The impact of the Fed’s exit on India, November 2014, Vox Column Currency cyclicality: Emerging markets rhetoric and the Euro crisis, 2014, Blog, Let’s Talk Development India: From BRICS to Fragile ‘n’ (and Back!), February 2014, Blog, Let’s Talk Development. Fed Tapering and emerging markets, 2013, (with Barry Eichengreen), Vox Column. Tapering Talk, 2013, Blog, Let’s Talk Development. Remittances to the Rescue!, 2013, Blog, People Move Economic Survey: New Wine in an Old Bottle? February 2013, Financial Express. The Real Exchange Rate and Exports Growth-Are Services Different?, 2013, Vox Column. The Global Financial Crisis and Indian Banks: Survival of the Fittest?, 2013, Financial Express. The Real Exchange Rate and Exports Growth-Are Services Different, January 18, 2013, (with Barry Eichengreen), Financial Express. For Performers Incumbency Helps, April 2011, Financial Express. Count on Services for Jobs, June 2010, (with Barry Eichengreen), Economic Times. Growth, Policies, Institutions, and Poverty, 2004, IMF Research Bulletin.

SELECTED CITATIONS IN MEDIA India Development Report: Economist, and several popular and financial dailies, May 2015 Rich economies question faith in power of lower exchange rates, Financial Times, March 9, 2015 Too early to take plunge back into EMs, Financial Times, Jan 21, 2014 Taper and Emerging Markets, Soft Patch, Uber Economics, Wall Street Journal, Dec 19, 2013

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Are investors ready for the taper? Financial Times, Dec 19, 2013 Indian voters demand growth, opportunity, Washington Post, March 2012 Can services-led growth continue?, Economic Times, July 2011 Can poor countries leapfrog manufacturing and grow rich on services? Economist, May 2011 Watch those states carefully, Financial Express, April 2011 Bank ownership and the effects of financial liberalization, Financial Express, March 2011 India's catastrophic landscape, Harvard International Review, March 2011 Driving growth through services, LiveMint.com, February 2011 The incumbency factor, Financial Express, December 2010 The Himalayas of hiring, The Economist, August 2010 Servicing growth, Business Standard, August 2009 India needs to emulate China's industrial revolution, The Economist, March 2005.

SELECTED CONFERENCES CONCEIVED AND LED BRICS, Research Group Meeting, 2012, NIPFP, Ministry of External Affairs, India. India and China’s Role in Global Economy, 2007, ICRIER. Labor and Capital Flows in Europe Following Enlargement, 2006, IMF. Growth Experience of India and China, 2003, IMF.

ACADEMIC REFEREE AND EDITORIAL RESPONSIBILITIES Associate Editor: India Development and Growth Review Editorial Head, working paper series, ICRIER, 2009-2010. Referee: Asia Economic Review, Economics and Politics, IMF Economic Review, Indian Economic Review, International Finance, Journal of Banking and Finance, Journal of Development Economics, Journal of Economic Integration, Journal of Economic Surveys, Journal of International Money and Finance, Journal of Money, Credit and Banking, Journal of Policy reforms, Oxford University Press, Peterson Institute of International Economics, Singapore Economic Review, World Development, PhD thesis IIM Bangalore.

REFERENCES Arvind Panagariya, Professor, University of Columbia, New York; Deputy Chairman, Niti Aayog, India. Barry Eichengreen, Professor, University of California, Berkeley; [email protected]. Zia Qureshi, (earlier Director DEC), Non Resident Senior Fellow, Brookings Institution, Washington DC; [email protected]. Indermit Gill, (Earlier Director DEC), Director, Duke Center for International Development; Duke University, Durham, NC 27708; [email protected].

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